Rackspace Technology, Inc. (NASDAQ:RXT) Given Consensus Rating of “Hold” by Brokerages

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) have received an average rating of “Hold” from the six ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $2.47.

Separately, Barclays upped their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research note on Monday, November 18th.

Insider Buying and Selling

In other news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $236,423.16. Following the transaction, the executive vice president now directly owns 2,334,166 shares of the company’s stock, valued at approximately $6,232,223.22. This represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anthony C. Roberts acquired 19,455 shares of Rackspace Technology stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $2.60 per share, with a total value of $50,583.00. Following the transaction, the director now owns 161,930 shares of the company’s stock, valued at approximately $421,018. The trade was a 13.66 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 194,864 shares of company stock valued at $508,997. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Rackspace Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in RXT. The Manufacturers Life Insurance Company raised its position in Rackspace Technology by 44.7% during the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after acquiring an additional 9,275 shares in the last quarter. Creative Planning acquired a new stake in shares of Rackspace Technology in the 3rd quarter valued at $29,000. SG Americas Securities LLC boosted its holdings in Rackspace Technology by 64.7% in the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock worth $84,000 after purchasing an additional 13,543 shares in the last quarter. US Bancorp DE increased its position in Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after buying an additional 16,257 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in Rackspace Technology during the third quarter worth $50,000. 82.48% of the stock is owned by hedge funds and other institutional investors.

Rackspace Technology Stock Performance

Shares of NASDAQ:RXT opened at $2.47 on Monday. The stock has a market capitalization of $562.10 million, a price-to-earnings ratio of -0.71 and a beta of 2.02. Rackspace Technology has a 1-year low of $1.45 and a 1-year high of $3.41. The company has a 50 day moving average price of $2.45 and a 200 day moving average price of $2.46.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. The business’s revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.04) earnings per share. On average, sell-side analysts expect that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Rackspace Technology Company Profile

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.